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Mumbai

Business loans in Mumbai

Mumbai, situated on the coast of the Arabian Sea, is the prodigious financial capital of India. This city contributes significantly to India’s GDP, which is almost 6%, according to reports. Apart from its economic contribution, this city is also home to one of the world’s largest film industries.

The economic pedigree of the capital city of Maharashtra manages to attract individuals from all over the country. This drive has resulted in various small businesses establishing all over Mumbai and its neighbouring regions.

Areas like Santa Cruz, Malad, Chembur, Nagpada, etc. have witnessed a significant business opportunity boom. As a result, the demand for a business loan in Mumbai has increased exponentially in recent years.

What is a Business Loan?

It is a type of financing facility that’s available exclusively to businesses to fund their financial requirements. Companies can use these borrowed funds for their daily expenses, manage sudden financial necessities, and make further investments. Typically, lenders ask the purpose of borrowing when an individual applies for new business loans in Mumbai. Thus, prospective borrowers must present an outline of their plans to access such a financing option.

Features of Business Loans in Mumbai

The features of an unsecured business loan in Mumbai vary across lenders. However, some features are standard across all financial institutions. These are –

  • No End-use Restriction: Probably, the most significant benefit of small business loans is the lack of limitations on their usage.
  • Interest Rate: Since they are typically unsecured, business loan interest rates they attract can be substantially high.
  • Repayment Tenure: The repayment tenure of a traditional business loan usually ranges up to 5 years or 60 months. Applicants can select any period as per their convenience. A business loan calculator might be useful in determining the repayment tenure.

Even though unsecured loans do not require any collateral for availing the funds, the eligibility criteria of such financing facilities are stringent, and the documentation process is lengthier.

Considering that, secured loans, especially gold loans, are an excellent alternative. Individuals can easily acquire funds via such a loan by pledging their gold articles as collateral to finance their business activities.

Benefits of a Gold Loan

Gold-backed business loans are different from other forms of external finances that one can avail of for his/her business. Here is a list of benefits that such financial products offer –

  • Affordable EMIs

Since the rate of interest on this credit type is comparatively lower than the usual start-up business loans, it makes EMIs more affordable. Applicants can use a gold loan calculator before applying for this financing facility.

  • Easy Eligibility

Since it’s a secured financing option, business loan eligibility requirements are comparatively simpler. Therefore, applicants can take out a business loan with bad credit as well by pledging their gold articles.

  • Quick Disbursal Process

Availing a gold loan only involves evaluation of the asset to be pledged and KYC verification. Therefore, the time required for disbursal is considerably shorter than availing an unsecured business loan in Mumbai.

However, when considering applying for a business loan backed by a gold loan, it’s vital to ensure a trustworthy lender for a convenient borrowing experience. That’s why borrowers can turn to Rupeek for their business financing needs.

Why Rupeek?

Here are some top reasons why Rupeek is an ideal partner for a business loan in Mumbai

  • Completely Online

With Rupeek, one can skip the process of visiting a branch to apply for a loan. Here, prospective borrowers can go online to check their eligibility and loan-related details to make an informed decision.

Additionally, one can take the online gold loan calculator’s assistance to check various figures and determine their suitable loan amount.

  • Doorstep Service

Rupeek is one of the only gold-backed business loan providers in this country who offers an instant gold loan at your doorstep. Once applicants complete the application process, a company representative will visit their address along with a gold appraisal kit to weigh and check the gold they are submitting. Once they are satisfied, the loan amount will be disbursed in the presence of such a company representative.

  • Low Cost of Borrowing

Prospective business owners planning to set up his/her own business can opt for a gold loan from Rupeek to keep the burden of interest payment low. Since it’s backed by gold, the rates of interest are considerably lower than traditional bank loans. The processing fees and foreclosure charges are also nominal.

  • Rupeek Quick

With Rupeek Quick, borrowers can avail of a credit line against the value of their pledged gold items. Individuals can transfer cash to their bank account any time from such a line of credit and only pay interest on that amount. Businesspersons can leverage this facility to strengthen their enterprise’s liquidity, ensuring easy mitigation of emergencies.

  • High LTV ratio

Rupeek offers the best loan-to-value ratio in this segment. Borrowers can avail up to 75%-80% of the loan value based on the purity of the gold they submit.

  • Top–class Security

The representative stores the gold jewellery provided by customers in bank vaults with best-in-class security. Also, the ornaments are insured from any damages.

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What are the Major Localities in which we operate Mumbai?

We offer our services across all the major locations in Mumbai, including –

  • Santa Cruz
  • Andheri
  • Bandra
  • Mumbai Central
  • Dadar
  • Trombay
  • Malabar Hill
  • Churchgate
  • Malad
  • Dharavi
  • Nariman Point
  • Shivaji Park
  • Nagpada
  • Lala Lajpat Rai Marg
  • Borivali
  • Chembur

Mumbai’s proximity to the Arabian Sea has worked in its favour immensely, allowing several businesses to emerge and flourish over the years. This ever-dynamic process has driven the competition markedly, creating the necessity for external financial assistance for scores of enterprises and leading to astronomical searches for business loan near me. Nevertheless, it’s crucial to opt for the right business loan, which allows individuals to optimise their financial standing.

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Frequently asked questions

  1. How to get a business loan?

Availing a business loan in Mumbai is easy. One can duly fill-up the loan application online along with relevant details. Once it is approved, a company representative will get in touch with the applicant for the required documents. After completing the verification process, borrowers will receive their money.

  1. What are government business loans?

The government of India has launched the MUDRA loan scheme to support small and medium businesses across the country financially. Under this scheme, applicants can avail of up to Rs.10 lakh to invest in their business. Some other notable schemes are National Small Industries Corporation Subsidy, Credit Linked Capital Subsidy Scheme, etc.

  1. What are the business loan eligibility criteria of Rupeek?

Applicants need to be more than 18 years old and must possess gold jewellery of their own. They can visit the company’s official website and enter their mobile number to apply for a gold-backed online business loan.

  1. Can I shift my existing gold loan for business to Rupeek?

Yes, you can shit your existing gold loan to Rupeek. Once you submit the pledge card of your current credit and KYC documents, the loan transfer will be processed. After paying the dues, you can shift your loan from the existing lender. With the help of this loan transfer, you can save up to Rs.12377/ lakh on interest payments.

  1. Is CIBIL score mandatory to avail a gold-backed business loan?

No, a CIBIL score is not mandatory to apply for a gold loan. The eligibility criteria for this credit type do not include any credit score check.

  1. What are the maximum amount and the minimum amount of gold loan for business available?

The maximum and minimum amount for a gold loan is Rs.1.5 crores and Rs.15,000, respectively.

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